Business
FG, States, LGs Share N1.1trn August Revenue
The Federal Government, through the Federation Account Allocation Committee (FAAC) says it shared N1.1tn among the three tiers of government for August 2023.
According to a statement by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mowa, this was contained in a communiqué issued at the end of FAAC’s latest meeting.
The total figure shared in September represents a significant increase of N133.99bn, compared to the N966.11bn shared for July 2023, and it is the highest this year.
The increase is attributed to foreign exchange gains, which boosted the government’s income.
The statement showed that the N1.1tn total distributable revenue comprised distributable statutory revenue of N357.4bn, distributable Value Added Tax revenue of N321.94bn, Electronic Money Transfer Levy revenue of N14.10bn, Exchange Difference revenue of N 229.57bn, and Augmentation of NN177.09bn.
It was also disclosed that of the total N1.1tn total distributable revenue, the Federal Government received a total of N431.25bn, the State governments received N361.19bn and the local government Councils received N266.54bn.
According to the communiqué, the total revenue available for the month of August was N1.48tn, which is a 14 per cent decline from N1.74tn recorded in the previous month.
It was also disclosed that total deductions for cost of collection, total transfers and refunds and savings stood at N58.76bn, N254.05bn and N71bn respectively.
Also, the balance in the Excess Crude Account stayed at $473,754.57.
“Gross statutory revenue of N 891.934bn was received for the month of August 2023. This was lower than the N1150.424bn received in the month of July 2023 by N258.490bn.
“The gross revenue available from the Value Added Tax was N345.727bn. This was higher than the N298.789bn available in the month of July 2023 by N46.938bn”.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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